Notes

Slide Show

Outline

1	Holly Corporation: Webcast Presentation
2	Agenda
3	Disclosure Statement
4	Agenda
5	Holly Corp’s previous guidance for Mid-Cycle* EBITDA for 2004 Company operations *Mid-cycle EBITDA for the refinery operations was calculated by subtracting 2004 operating expenses excluding depreciation from mid-cycle refinery gross margin. Mid-cycle refinery gross margin was calculated by applying the trailing three year average product values and raw material costs to 2004’s actual raw materials charge and product yields.
6	2005 Refining Initiatives:
7	INCREASE CAPACITY OF SOUR GRADES OF CRUDE
8	IMPROVE REFINING YIELDS
9	INCREASE REFINERY RUNS
10	Summary of EBITDA from 2005 Refinery initiatives:
11	Agenda
12	2005 Refinery Capital Spending Program—Major Projects
13	2005 Refinery Capital Spending Program—Major Projects
14	2005 Refinery Capital Spending Program—Major Projects
15	2005 Refinery Capital Spending Program—Major Projects
16	Anticipated 2005 Refinery Capital Spending
17	Anticipated tax benefits from capital spending program
18	Agenda
19	Estimate of mid-cycle EBITDA
20	NRC Refining Margins
21	MRC Refining Margins
22	Woods Cross Refining Margins
23	Key sensitivities to EBITDA changes
24	Agenda